Q4 AND PRELIMINARY FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009

2009 Highlights

 
Projects

• 25 year mining lease for Marampa, Sierra Leone received
• JORC compliant resources at Wadi Sawawin, Saudi Arabia and Isua, Greenland
• Feasibility study completed for Wadi Sawawin 
• Attributable production of 136,500t from Chinese joint venture since acquisition

Financials

• USD 44.5 million Chinese joint venture acquisition (effective 23 April 2009)
• AIM listing and placing of 37 million existing shares at GBP 74 million with over 30 new institutional investors
• Group consolidated cash of USD 205 million as at 31 December 2009
• Group loss from operations reduced to USD 28.6 million (2008: USD 36.8 million) reflecting first net earnings* from China of USD 6.0 million.

Appointments

• Senior technical team augmented

*Net earnings = EBITDA

2010 Highlights

Projects

• JORC compliant resources at Marampa (tailings)
• Final approvals received and construction commenced at Marampa
• Prefeasibility study completed for Isua
• 951Mt JORC resource at Isua 
• Discussions initiated with potential providers of funding and offtake at Wadi Sawawin 

Financial

• Restructuring of equity investment in DMC, South African coal, completed

Appointments

• Deputy COO recruited 

Resources

London Mining has now attained JORC compliance for all resources at its 3 assets for which we are operators.

London Mining is working closely with the operator of the Chinese joint venture to deliver a JORC resource.

Graeme Hossie, Chief Executive Officer of London Mining commented:

“In 2009, we consolidated our assets and strengthened our technical and executive teams with high calibre appointments. London Mining is now focussed on continued delivery against key milestones in 2010. We have a portfolio of quality iron ore projects which are scalable, involve simple logistics and can be developed rapidly. We expect to deliver first production at the Marampa project in Sierra Leone in the early part of 2011, with 1.5mtpa from the initial phase of the project and expanding thereafter. We are progressing drilling and development work following the delivery of a bankable feasibility study at Wadi Sawawin and a prefeasibility study at Isua.”

The full published accounts for the financial year ended 31 December 2009 will be posted to shareholders on, or before 1 April 2010 and will be available on the Company’s website, www.londonmining.co.uk.

An analyst presentation on the full year results will start at 9.00am UK time on March 18 2010 at:

Liberum Capital Limited
City Point
10th Floor
One Rope Maker Street
London EC2Y 9HT

The full financial report and presentation is attached and can also be found at www.londonmining.co.uk.

London Mining Plc
Graeme Hossie, Chief Executive Officer     +44 20 7201 5000   
Rachel Rhodes, Finance Director
Thomas Credland, Head of Investor Relations

Liberum Capital (Nominated Advisor/Broker)
Clayton Bush/Ellen Francis     +44 20 3100 2000   

Brunswick Group 
Carole Cable/ Daniel Thole    +44 20 7404 5959   

Crux Kommunikasjon AS
Charlotte Knudsen     +47 97 56 19 59   

Notes to editors:
London Mining is focused on identifying, developing and operating scalable mines to become a mid-tier supplier to the global steel industry. Its four principal iron ore assets in Sierra Leone, Saudi Arabia, Greenland and China all have deliverable production with potential for expansion. The Company listed on the Oslo Axess on 9 October 2007 and on AIM in London on 6 November 2009. It trades under the symbols LOND.L and LOND.NO (Reuters) and LOND LN and LOND NO (Bloomberg).

Forward looking statements
This announcement contains certain forward looking statements which by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.